Buying a Property? Things You Should Know

Finding an apartment or property that meets your needs, and that is offered at the most attractive and worthwhile price, is no simple task. Sometimes this is a very prolonged process that can last many long months. Nevertheless if you do this with the professional guidance of a realtor, or a lawyer who specialises in the field of real estate, you can get through this in one piece, and even with great success. Are you planning to purchase a property in the near future? Here are a number of important points that are worth checking out before going through with any transaction.

Location and Condition of the Property

These are generally the first parameters one should check when looking for a suitable property. Consider the location. Relate to the main roads, central streets, and important junctions in the region, or whether it is near a beach. It is worth checking what services exist in the area: are there schools, parks, banks, post offices, medical clinics, shopping centers, etc.? Regarding the condition of the property, it is important to check what year it was built, whether it is safe for residence, whether it has high-quality weatherproofing, etc.

What do the area’s development plans include?

Many times people buy apartments that are part of large construction projects in brand new neighbourhoods. Before signing on any deal it is important to check what the local development plans include. Are they, for example, planning on building a tall building opposite your building? Are they planning on building a park that would be good for your children? Are they building a large shopping mall that might cause traffic problems and noise pollution? These details can be discovered with the help of a construction engineer or architect who will check together with you the local plans, as well as the desirability of moving there.

Who is Selling the Property?

Beside the property meeting your needs, beside location in a convenient place with good access, and beside the condition of the property, examination of the apartment seller himself is especially important. It is important to check who the seller is. Is it a private person, a public or private company, or perhaps a governmental company? Is it a real estate agent who has been hired to sell the apartment, etc.? It is worth knowing with whom you will be doing the purchase transaction, and if you are purchasing from a contractor company, what their level of financial stability is.

Legal Status of the Property

In the property purchase agreement, it is important to also relate to the land that the house is on. It is important to check who the legal owners are, and important to know in whose name the property is registered in the Tabu real estate registry (is it registered in the name of the seller himself or perhaps in the name of the contractor who built the house). The above details can be found in a special document, a copy of which can be received from the land registry office, branches of which can be found throughout Israel. In this document, you should look into all other aspects related to the legal status of the property, especially any warning comments. It is recommended to employ a lawyer who specializes in real estate to assist you through this process, as he will be able to check into any related issues, while investigating the legal status of the property.

Are There any Liens or Foreclosures?

This is an especially important point that also requires consideration. If you are purchasing an apartment from a contractor, for example, there are situations where the bank will have a lien on the land upon which the apartment is built, until payments for it have been completed. The transaction can be executed under such conditions, but it is important to investigate it in depth with the aid of a lawyer. If you are dealing with a contracting company that is not financially stable, or if you feel this transaction is risky, you must not sign on it. The same is true of purchasing a private residential property. It is crucial to check these details in advance in order to prevent any unpleasantness, costly payments, or even fines down the road.

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